08-27-2013 Trading Journal

Market was under-attacked all day and despite numerous attempts to bounce; it kept going back down.

What was frustrating was that $AMBA chose to stop me out on my hard stop I placed yesterday before bouncing.  Oh, what’s a bounce!  Oh well, moving on.  Why didn’t I buy back for the bounce?  With a down market, the odd of the bounce was something I didn’t want to bet.  Of course, hindsightwise, it did bounce; but I didn’t know that at the time so I chose not to chase it.

$NUGT opened higher to my delight but price action was behaving like it could not hold; therefore, I sold it to lock in profit.  Later on, I bought back for the bounce; unfortunately, I decided to use a wider stop to give it more room to breath since I had to walk away from the trading desk for awhile.  But today was not a good day for the wider stop; despite gold being up and the market heading south, gold “miners” could not stay up at all; instead it sunk like a rock.  Good thing I had a stop at all since price continued to head a whole lot more southside after my stop was hit.  Literally, I gave back all my gain I had this morning due to the wide stop.

Seeing that market was down (my original fear from last Friday), I started unloading position I didn’t feel would hold on a market down day.  I sold $PACB, $ONVO.

By the end of the day, I only have two positions that actually were holding well considering the overall market trend.

Current holdings:

LRAD, AMRN and 53% cash.


Categories: Daily trading Journal

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